Projects that failed in the world of digital and cryptocurrency… How did the story end?
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Answer Projects that failed in the world of digital and cryptocurrency… How did the story end?
The world of encrypted digital currencies is like other industries, as it contains profitable projects if it is managed well, or the loss, God forbid, is the case of working in crooked ways, unfortunately.
Also, projects that conduct an initial coin offering (ICO) may lose, fail or succeed, and 2017 is considered the best year in the cryptocurrency field due to the impressive amounts achieved and the continuous rise in currency prices, where investors got their money and companies got fame and also big profits.
But the hidden side of the matter, which is not highlighted, is the failure to issue currencies. The failure is due to many reasons, the most important of which are weak techniques, crooked methods of dealing, weak financial returns and poor financial management.Read:Twitter discussion: Can Ripple outperform PayPal?
Therefore, the Securities and Exchange Commissions began to undertake to take penalties against these companies, and according to some reports, a large part of the projects that started in the market declared bankruptcy in the same year.
List of failed projects in the cryptocurrency world
1- The DAO . project
The project was a decentralized and independent organization for the Ethereum community, and the project raised $168 million in the initial coin offering phase.
At that time, experts predicted a promising future for her, but what happened was the discovery of a defect in the smart contracts of the project, which caused a loss of 50 million dollars due to a simple technical defect, which when she tried to address it, the problem had spread, which led to an unprecedented wave of turmoil and sale until it led to the failure of the project .
2- Project ONE COIN
The project started as a scam project from the start by implementing a fraudulent Ponzi scheme, however, it succeeded in attracting a large number of investors. The company that wanted to sell cryptocurrencies sold the illusion to the investors, of course the police arrested the project team (approximately 18 people) with nearly $350 million in their possession.
3- Project ENGIMA
The project is working on launching a high-level cryptocurrency and this was celebrated. The bad thing is that some hackers stole nearly half a million dollars (of Ethereum) and the company’s email was also stolen, through which messages were sent to customers requesting their tokens, then They transferred electronic currencies to their own accounts.
4- SPACE BIT . project
The company that has been world famous for four years and has the distinction of being the first decentralized space company that will secure its customers’ payments via rotating satellites.
The strange thing is that the company abandoned all its projects and worked on creating a completely new project ban The team simply abandoned their project.
5- SWISS COIN project
A Ukrainian company and a completely anonymous team, and the company was known when an official investigation was opened to find out the sources of encrypted digital currencies and suspicious currencies. This currency topped the list, which was discovered to have been stolen, amounts estimated at about half a million dollars. And fees, which encouraged investors to work with them.
6- PAY COIN . PROJECT
The story began with badly experienced investor Josh Garza, who talked about building a very modern crypto system, which he expressed by saying, “It will destroy all current crypto technology and will be the first building block for the cryptocurrency world.” And after prolonged patience, his serious currency flourished, then quickly returned to recede and disappear from the market.
This is how our small list ends. I hope you have benefited from it. Do not hesitate to offer a new currency of your own if the circumstances come to you, but just learn from those who failed in order to avoid their mistakes, of course your comment is very pleased.
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